Having helped thousands of our users kickstart their journey to wealth building and financial freedom, we often get asked the question of how different or similar we are to traditional banks. To a lot of folks, Cowrywise is just another bank in a different skin. That couldn’t be farther from the truth.
In this piece, we highlight 4 ways Cowrywise is better than your bank’s savings account.
1. Charge-free Savings.
For a lot of people, a savings account in a bank is where they keep funds set aside towards to goal. This account typically should earn a fair interest and shouldn’t carry heavy charges. However, savings accounts in the banks today are riddled with fees and charges. Maintenance fee, SMS fees, Debit card fees etc.
On the contrary, a Cowrywise account is free of any of these fees or charges. Zilch! Zero. This means you get to save your money without fear of charges, fees or penalties.
2. Investment-Grade Returns
A Cowrywise account isn’t just a savings account. It is a risk-free investment account. This means as you are saving, your money is immediately moved into risk-free investment vehicles. This means your money begins to work for you immediately.
Irrespective of the amount you save, you get to earn the same investment-grade returns earned by our high net worth customers. So you are not just saving (like in a bank), you are saving and investing (Savesting!!).
A Cowrywise account gives you an interest rate of ≥2.5% interest per annum. To put this in perspective, what mostly happens in your bank savings account are charges.
3. Transparency
Would you be able to say how much you have earned from your bank since you opened your savings account? We bet you cannot. Despite the fact that banks claim you earn interest on your savings, you hardly have an easy way of determining how true this is. Mostly because the returns are small, most of us do not pay attention to it.
At Cowrywise, we believe transparency is key in any financial service. As such with your Cowrywise account, you can easily track your savings, investments, goals, returns earned since you created your account as well as returns still in the system.
4. Set A Goal and Run With It
Lots of people keep money sitting in their bank accounts without any goal in mind on what to do with such cash. This creates a false sense of wealth. The deal is actually to move all spare cash (apart from emergency funds) into an investment account where such monies can earn interests.
Saving with a goal in mind not only makes you disciplined, but it also reminds you of why you are saving in the first place. As such you no longer leave cash idle, any free cash is immediately moved towards one of your numerous goals, vacation, education, family, business, home etc.
This is what Cowrywise is about, helping you achieve your goals.
I need this app to be saving my money